Solana Surges Amid Weaker Crypto Market, But What Drives Its Activity?

Solana's recent surge in activity has raised an important question about the underlying demand for its token, SOL.

Despite a weaker crypto market, Solana outperformed its peers, gaining around 7% over seven days while Bitcoin (BTC) and Ethereum (ETH) fell by roughly 4.9% and 6%, respectively.

The network's active addresses rose to 4.51 million, the highest level since February, driven in part by record growth in tokenized equities on Solana.

Santiment noted that this activity is tied to the increasing popularity of xStocks since June 26 and SOL's recovery above key technical levels.